- BSV price is currently trading at $35.38 while seeing a change of 1.43% in 24-hour trading volume.
- BSV price is observing a decline of 0.47% in the last 24 hours.
BSV price is currently trading under a severe downtrend. The price is firmly under the bear’s control. Although the bulls have made several attempts to make a breakout above 100-day EMA they have not been successful as of yet. Presently, the price is consolidating just below the 50 EMA. The ongoing price action suggests that it will continue to move in a bearish trend in the upcoming days.
The price movement has been volatile for the last few weeks. Recently, a major fake selloff movement was observed near early March where the wick of the candle itself was 32% long. Following this, the price continued this bearish move with a 20% downturn.
BSV Price Taking Rejection From the 100 EMA on the (Daily Timeframe)
After taking support from $35.00 early November, the price made a 45% upturn following which it started trading along the 100 EMA for a few months while giving choppy and volatile movements. After making a consolidation near the 50 EMA around early March, the price made a sharp downturn of 25%.
The overall market sentiments are currently trading at the greed zone of around 61 points according to the greed and fear index. Also seeing a decline of 2 points since the last week when the market was around 63 points. As per the Alternative(dot)me platform.
The sellers are dominating most of the major cryptocurrency exchange platforms by 55 to 57%. However, the buyers are maintaining their strong grip on some platforms where they are overwhelming the price action by up to 57%.
Technical Analysis (1-Day Timeframe )
The RSI line is trading just below the median line around 44.55 points. It has recently given a bearish move below the 14 SMA which presents a bearish perspective for the near future for BSV price. The Stochastic RSI is already on a bearish move crossing below the median line after taking a reversal from the overbought levels.
Conclusion
BSV price took a reversal from the 50 EMA and is also trading below the 100 and 200 day EMAs. Therefore, the price can take a bearish correction of 15% or more in the near future, which the oscillators also indicate. This price prediction is supported by EMAs, Candlestick patterns, volumes, Stochastic RSI, and RSI as they all indicate the same.
Technical levels –
Support -$34.69
Resistance – $39.58
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/09/bsv-price-analysis-is-bsv-price-under-a-strong-bearish-trend/